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Major factors that have propelled the market growth are ease in process with the installation of workflow automation tools, convergence of workflow automation with traditional business processes, focus on streamlining business processes, and cost efficiency through workflow automation. The major restraint of the workflow automation market is data insecurity, which is hindering the implementation of workflow automation in the financial sector.

“Workflow automated solution market to grow at the highest rate between 2017 and 2023”

On the basis of process, the automated solution market for workflow automation is expected to grow at the highest CAGR between 2017 and 2023. Owing to the high degree of flexibility and scalability of the workflow automation solution, it has witnessed widespread deployment in business environments with a greater requirement for data processing and workflow management. The availability of automated solutions capable of large-scale deployment in data management systems is a major driver for the market.

“BFSI sector held the largest share of the overall workflow automation market in 2016”

The BFSI sector held the largest share of the workflow automation market among all industries in 2016. Automated solutions help the BFSI sector in improving the speed of data collection and also detect errors in time, thereby improving the overall effectiveness of various processes involved in the BFSI sector. There is an increasing adoption of mobile technologies in emerging markets such as India, China, and Indonesia, which has resulted in the development of low-cost elementary services in the BFSI sector using branchless banking aided by mobile payment technologies. The BFSI sector embracing technology innovation is expected to boost the workflow automation market.

“Workflow automation market in Asia Pacific to grow at the highest rate between 2017 and 2023”

The workflow automation market in Asia Pacific is expected to grow at the highest rate between 2017 and 2023. This is mainly attributed to the presence of outsourcing industries in countries such as India and China, which drives the adoption of workflow automation. Increased operational efficiency and lower cost, with reduction in full time employee (FTE), are the other benefits associated with workflow automation that drives the growth of the market in APAC.

Break-up of the profiles of primary participants for the report has been given below:

The research report on the overall workflow automation market covers different segments: offering, process, operation, organization size, deployment, industry, and geography. The market has been segmented on the basis of operation into rule-based, knowledge-based, and robotic process automation-based. On the basis of process, the workflow automation market has been classified into automated solutions, decision support and management solutions, and interaction solutions. On the basis of organization size, the market breakdowns are large enterprises and SMEs. The deployment market has been segmented into on-premise and cloud. The report covers two types of workflow automation offerings: software and services. Furthermore, the workflow automation market has been segmented on the basis of industries into, banking, financial services & insurance, healthcare & pharmaceuticals, manufacturing & logistics, telecom & IT, retail & consumer goods, travel, hospitality & transportation, energy & utilities, and others. The report covers 4 major geographical regions: North America, Europe, Asia Pacific (APAC), and Rest of the World (RoW).

Key Benefits of Buying the Report:

Illustrative segmentation, analysis, and forecast for the market based on offering, process, operation, organization size, deployment, industry, and geography have been conducted to give an overall view of the workflow automation market.

The major drivers, restraints, opportunities, and challenges for the workflow automation market have been detailed in this report.

The report includes a detailed competitive landscape, along with key players, in-depth analysis, and revenue of key players.

FEATURED COMPANIES

The workflow automation market was valued at USD 4.26 Billion in 2016 and is expected to reach USD 18.45 Billion by 2023, at a CAGR of 23.56% between 2017 and 2023. Key factors such as ease in process with the installation of workflow automation tools, convergence of workflow automation with traditional business processes, focus on streamlining business processes, and cost efficiency through workflow automation are driving the workflow automation market.

The workflow automation market has been segmented on the basis of process, operation, deployment, organization size, offering, industry, and region. The market for workflow automation software market held the largest market share owing to the demand for software in structured data format in various organizations. The function of workflow automation software is mainly based on the optical character recognition (OCR); optical mark recognition (OMR); and text, audio, video, and other file formats. These formats are used to maintain the records of business processes so that they are easily recognizable by workflow automation, thus eliminating mundane business processes and reducing human intervention.

The automated solution market for workflow automation held the largest market share owing to the growth of banking, financial services, and insurance industries that have been using automated solution since 2010. Owing to the high degree of flexibility and scalability of the automated solution, it has witnessed widespread deployment in business environments with a greater requirement for data processing and workflow management. The availability of automated solutions capable of large-scale deployment in data management systems is a major driver for the market growth.

The workflow automation in the BFSI industry held the largest market share among all industries. In the BFSI industry, processes such as data entry for clearance and registration processes, updating systems and producing client information, gathering information from various systems and generating a renewal premium, processes such as order-to-cash (order management, invoicing and collections, etc.), record-to-report (fixed asset accounting), conduct compliance, legal and credit checks, and claims processing and general data entry are done by workflow automation in the insurance and banking sectors to facilitate the monotonous and time-consuming processes.

The workflow automation market by organization size for large enterprises held a larger market share. Large enterprises are apprehensive about their crucial organizational information and widely prefer on-premise deployment. With the option of deploying these solutions available on the cloud, the workflow automation market has seen an increase in the deployment of solutions by SMEs and large enterprises. An increasing number of large enterprises are deploying workflow automation, both on premise and cloud, which is driving the market growth.

The workflow automation market in North America held the largest market share in 2016. North America is estimated to account for the largest share of the overall workflow automation market in 2017. BFSI; telecom and IT; and travel, hospitality, and transportation industries in the US, Canada, and Mexico are adopting workflow automation for different functions to better manage business processes. This has resulted in significant growth of the workflow automation market in North America.

The major restraint of the workflow automation market is data insecurity, which is hindering the implementation of workflow automation in the financial sector.

Top companies are adopting an organic approach toward improving their position in the workflow automation market, by either improving their existing portfolio or by adding new offerings. For instance, in 2016, IBM Corporation with its partner Box launched a new workflow solution Box Relay. Box Relay would facilitate employee in a business to build, manage, and track custom or pre-built workflows. In 2017, Oracle Corporation launched 4 cloud-based applications to help supply chain companies automate their operations, which will enable companies to automate their workflow operations related to asset monitoring, production and fleet monitoring, and connected workers. In 2016, Pegasystems introduced Pega Robotic Automation in its Pega 7 Platform to facilitate intelligent optimization capabilities for organizations.